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Aramco assures Chinese of oil supplies
Source: Xinhua |
November 14, 2009, Saturday
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Print Edition
Print Edition
CHINA'S robust economic recovery has assured oil supplies and investment from Saudi Aramco, the world's biggest oil producer, Chief Executive Officer Khalid Al-Falih said yesterday.
"There are signs of recovery in oil demand in developing and emerging economies led by the Chinese economy," Al-Falih, also company president, told Xinhua in an interview in Beijing.
The global economic crisis pushed the world's largest oil producer and exporter to cut oil output and supply in line with shrinking demand, but the overall demand was still much lower than last year, he said.
"We are bound by the Saudi Arabian government that decides based on an OPEC agreement on how much Aramco can produce," he said.
"But I can tell you that China has always been given the highest consideration to make sure they (Chinese customers) receive as much of their requirements as possible," he said.
Aramco's present oil output stands at 8 million barrels a day, and will rise to 9.5 million to 10 million barrels daily later this year or next.
"There are signs of recovery in oil demand in developing and emerging economies led by the Chinese economy," Al-Falih, also company president, told Xinhua in an interview in Beijing.
The global economic crisis pushed the world's largest oil producer and exporter to cut oil output and supply in line with shrinking demand, but the overall demand was still much lower than last year, he said.
"We are bound by the Saudi Arabian government that decides based on an OPEC agreement on how much Aramco can produce," he said.
"But I can tell you that China has always been given the highest consideration to make sure they (Chinese customers) receive as much of their requirements as possible," he said.
Aramco's present oil output stands at 8 million barrels a day, and will rise to 9.5 million to 10 million barrels daily later this year or next.
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